Jefferies Cuts Numbers on Dendreon (DNDN) After Poor Q2
Tweet Send to a FriendGet Alerts DNDN Hot Sheet
Price: $3.91 -1.01%
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
5 Buy, 15 Hold, 12 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade DNDN Now!
Jefferies cut its price target on Underperform-rated Dendreon (NASDAQ: DNDN) price target of $4.50 (from $5.00) following weak results and restructuring news.
The firm comments, "With Provenge sales underperforming already low expectations on a q/q decline, DNDN announced cost-cutting measures to potentially save $150M/yr and become breakeven on qtrly sales of $100M (v $125M prev). Importantly, mgmt withdrew '12 Provenge sales guidance due to unclear outlook in patient yield and sales rep turnover."
The firm cut FY12 EPS from ($2.34) to ($2.39) and boosted FY13 from ($1.33) to ($1.22).
For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.
Shares of Dendreon closed at $6.18 yesterday, with a 52 week range of $5.69-$37.72.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The firm comments, "With Provenge sales underperforming already low expectations on a q/q decline, DNDN announced cost-cutting measures to potentially save $150M/yr and become breakeven on qtrly sales of $100M (v $125M prev). Importantly, mgmt withdrew '12 Provenge sales guidance due to unclear outlook in patient yield and sales rep turnover."
The firm cut FY12 EPS from ($2.34) to ($2.39) and boosted FY13 from ($1.33) to ($1.22).
For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.
Shares of Dendreon closed at $6.18 yesterday, with a 52 week range of $5.69-$37.72.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Jefferies Lifts Numbers on Diana Shipping (DSX) Post Q1
- Toll Bros. (TOL) Q2 Solid but Not Much Better Than Peers
- Deutsche Bank Adjusts Dean Foods (DF) Price Target to $13
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Jefferies & Co
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
